Monday, December 31, 2018

Creative Destruction

In AEI Mark Perry writes,
According to economist Joseph Schumpeter, the important economic concept known as “creative destruction” describes the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”

Mark then provides links to the following examples:
Exhibit A: List of defunct airlines of the United States

Exhibit B: List of defunct retailers of the United States

Exhibit C: List of defunct automobile manufacturers of the United States

Exhibit D: List of defunct newspapers of the United States

Exhibit E: List of defunct American magazines

Exhibit F: List of piano brand names (99.99% of these are defunct)

Exhibit G: List of defunct fast-food restaurant chains

Exhibit H: List of defunct restaurants of the United States

Update:

Exhibit I: Things that didn’t exist on Christmas 15 years ago:

iPhone
Facebook
YouTube
Twitter
Instagram
iPad
Netflix streaming
Google Maps
Snapchat
Spotify
Android
Uber
Lyft
Alexa
Airbnb
App Store
Google Chrome
WhatsApp
Fitbit
Waze
Slack
Square
Dropbox
Pinterest
Venmo
Bitcoin
Hulu
Kindle
Read more here.

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